THE SECURITIES and Exchange Commission (SEC) has approved the merger of BDO Unibank, Inc. and its wholly owned unit, The Podium Complex, Inc., with BDO as the surviving entity, the Philippine lender said in a disclosure to the Philippine Stock Exchange.
The merger with Podium, formerly SM Keppel Land, Inc., was valued at P7.08 billion and would take effect on Dec. 1, it said.
This comes after BDO’s complete takeover of Keppel Philippines Properties, Inc. and Opon-KE Properties, Inc.’s combined 50% stake in SM Keppel in December last year.
With the completed acquisition, BDO will now fully own the Podium Complex, which consists of BDO’s Corporate Center Ortigas, the West Tower and Podium Mall.
The merger was approved by BDO’s board on Jan. 27 and by its shareholders on April 19. In October, the bank said the Bangko Sentral ng Pilipinas (BSP) and Philippine Competition Commission had also separately approved the union.
“In accordance with applicable BSP rules and regulations, the respective boards of directors of BDO and Podium deemed it necessary and advisable to merge the constituent corporations into one, with BDO as the surviving entity,” according to the stock exchange filing. — LMJCJ
